India, April 17 -- PORT MORESBY - The economy of Papua New Guinea (PNG) is expected to improve in 2024 and 2025, according to the Asian Development Outlook (ADO) April 2024, ADB's flagship economic publication.

The positive outlook is driven by improved prospects for the mining sector, the subregion's largest economy. Growth slowed to 2.0% in 2023 due to decreased production in the resource sector, but the report says PNG's economy is set to grow by 3.3% in 2024 due to resumption of production at the Porgera gold mine. The medium-term outlook for PNG's economy remains positive, with growth in 2025 forecast to further expand to 4.6%.

"While the medium-term outlook for PNG's economy remains positive, there are looming challenges," said AD...